2 1 Shi Ji Jing Ji Bao Dao·2025-10-31 13:17Core Insights - The major U.S. tech giants are significantly increasing their investments in artificial intelligence (AI), despite varying performances in their core businesses, indicating a unified strategy to prioritize AI development over short-term profit margins [1] - The total capital expenditure of Amazon, Google, Microsoft, and Meta reached $112.4 billion in the last quarter, primarily for GPU procurement, chip development, and global data center expansion [1] Microsoft - Microsoft is leading in AI commercialization, with its cloud business Azure showing unexpected growth, driven by AI services [2] - The company reported a capital expenditure of $34.9 billion, mainly to support OpenAI models and Azure AI infrastructure, resulting in a slight decrease in gross margin to 69% [2] - Microsoft has committed a total investment of $13 billion in OpenAI, with $11.6 billion already disbursed, impacting profits by approximately $3.1 billion in the last quarter [2][3] Google - Google reported a 16% year-over-year revenue increase to $102.3 billion, supported by strong performance in digital advertising and cloud computing [4] - The company’s capital expenditure reached $24 billion, with plans to increase it to $91-93 billion by 2025, reflecting a commitment to AI and infrastructure development [4] - Google Cloud revenue grew by 34% to $15.2 billion, driven by GCP products and AI solutions, with a significant increase in unfulfilled orders [4] Meta - Meta's financial results showed a divergence, with its core advertising business benefiting from AI-driven efficiencies, while its Reality Labs segment continues to incur significant losses [5][6] - The company’s capital expenditure was $19.3 billion, with expectations to reach up to $72 billion for the year, indicating a strong focus on AI and the metaverse [6] - Concerns from investors regarding Meta's heavy AI investments without immediate customer demand have led to stock price volatility [6] Amazon - Amazon's AWS showed signs of recovery with a 20% year-over-year sales increase to $33 billion, as new AI workloads emerge [7] - The company’s capital expenditure was $34.2 billion, with an annual forecast of $125 billion, exceeding market expectations [7][8] - Amazon's AI strategy is characterized by a platform approach, offering diverse AI solutions while increasing in-house chip development to reduce reliance on external suppliers [7] Market Reactions - Investor reactions to the capital expenditure plans varied, with Google and Amazon seeing stock price increases of approximately 6% and 10%, respectively, while Meta's stock fell by about 11.3% [9] - Analysts raised concerns about the sustainability of AI investments, questioning whether the industry is entering a bubble, with Microsoft and Google emphasizing the need for ongoing investment to meet rising demand [9]